Controversial television personality and former hedge fund manager Jim Cramer has once again stirred the financial market with his latest commentary. Known for his often disputed market predictions, including those about Bitcoin, his recent warning about the financial market has provoked reactions from the cryptocurrency community.
Cramer has gained a reputation for his imprecise price forecasts on numerous assets. In fact, there is a dedicated account that trades against his predictions, which has purportedly garnered a success rate of around 60%, according to the owner. In light of Cramer's recent market warning, crypto participants have responded positively, joking that a genuine bull run might be on the horizon.
The CNBC host's predictions have always been a topic of discussion among market enthusiasts and experts. His bold and often contradictory statements have landed him in the spotlight more than once, especially when it comes to cryptocurrency. From recommending to sell Bitcoin at its lowest to suggesting to buy at the all-time high, Cramer's crypto market evaluations have been consistently off the mark.
In the past, Cramer has exhibited a mercurial stance on Bitcoin. In December 2017, when Bitcoin was reaching its then all-time high, he urged viewers to buy the asset. However, he later advised selling it off in 2018 just as crypto winter was setting in. In both instances, the market moved in the opposite direction to his recommendations. More recently, in April 2021, he sold off his Bitcoin portfolio, citing concerns about China's mining dominance. Bitcoin hit an all-time high a few days later.
Given this history, Cramer's recent warning about the financial markets was met with humor and optimism by cryptocurrency enthusiasts. Social media comments suggest that participants viewed his warning as a bullish signal, with one Twitter user quipping, "If Jim Cramer is worried, then it's definitely time to buy."